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NFGNational Fuel Gas Company
$80.04$7.6B
Overview & Verdict
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NFG logoNational Fuel Gas Company(NFG)Earnings, Financials & Key Ratios

NFG•NYSE
$78.23
13.8× P/E·Price updated Jul 6, 2026
SectorEnergyIndustryIntegrated Oil & GasSub-IndustryMidstream gas and liquids processors
AboutNational Fuel Gas Company operates as a diversified energy company. It operates through four segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. The Exploration and Production segment explores for, develops, and produces natural gas and oil in California and in the Appalachian region of the United States. As of September 30, 2021, it had proved developed and undeveloped reserves of 21,537 thousand barrels of oil and 3,723,433 million cubic feet of natural gas. The Pipeline and Storage segment provides interstate natural gas transportation and storage services through an integrated gas pipeline system in Pennsylvania and New York; and owns and operates underground natural gas storage fields. This segment also transports natural gas for National Fuel Gas Distribution Corporation, as well as for other utilities, industrial companies, and power producers in New York State; and owns and operates the Empire Pipeline. The Gathering segment builds, owns, and operates natural gas processing and pipeline gathering facilities in the Appalachian region, as well as provides gathering services to Seneca Resources Company, LLC. The Utility segment sells natural gas or provides natural gas transportation services to approximately 753,000 customers in Buffalo, Niagara Falls, and Jamestown, New York; and Erie and Sharon, Pennsylvania. The company markets gas to industrial, wholesale, commercial, public authority, and residential customers primarily in western and central New York, and northwestern Pennsylvania. As of September 30, 2021, the company also owned approximately 95,000 acres of timber property; and managed approximately 2,500 additional acres of timber cutting rights. National Fuel Gas Company was incorporated in 1902 and is headquartered in Williamsville, New York.Show more
  • Revenue$2.28B+17.1%
  • EBITDA$1.27B+90.5%
  • Net Income$519M+568.9%
  • EPS (Diluted)5.68+576.2%
  • Gross Margin66.13%+57.3%
  • EBITDA Margin55.76%+62.7%
  • Operating Margin35.72%+231.2%
  • Net Margin22.77%+471.2%
  • ROE17.45%+554.1%

NFG Price & Volume

National Fuel Gas Company (NFG) stock price & volume — 10-year historical chart

Loading chart...

Integrated Energy Model Faces Capital Intensity Headwinds

Investment Thesis • Updated 2026Q2

VerdictNeutral
Growth:Accelerating
Profitability:Strong
Financial:Healthy
Cash Flow:Mixed
Primary Risk:Regulatory and Commodity Volatility

Key Thesis Takeaways

  • National Fuel Gas Company demonstrates a resilient operational recovery, evidenced by a rebound in operating margins to 40.4% in 2026Q2 following the 2024 cyclical downturn.
  • While the firm's integrated E&P and midstream structure provides a competitive moat, long-term growth remains constrained by significant capital intensity, with CapEx reaching 25.7% of revenue in the most recent quarter.
  • Investors should monitor the company's reliance on revolving credit to manage a current ratio of 0.62, as regulatory pressures in the Appalachian region may further limit future capital deployment flexibility.

Verdict Logic

while the forward P/E of 10.56 suggests a reasonable valuation, the persistent current ratio of 0.62 and high capital intensity warrant caution regarding short-term liquidity and long-term dividend sustainability.

NFG Growth Metrics

National Fuel Gas Company (NFG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.61%
5 Years8.05%
3 Years1.38%
TTM20.74%

Profit CAGR

10 Years-
5 Years-
3 Years-2.88%
TTM1635.05%

EPS CAGR

10 Years-
5 Years-
3 Years-2.62%
TTM1618.6%

Return on Capital

10 Years7.06%
5 Years9.63%
3 Years8.31%
Last Year10.83%

NFG Recent Earnings

National Fuel Gas Company (NFG) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 1/12 qtrs (8%)
Q2 2026Latest
Apr 29, 2026
Metric
Actual
Est
EPS
$2.71-4.9%
$2.85
Rev
$858M+0.2%
$857M
Q1 2026
Jan 28, 2026
Metric
Actual
Est
EPS
$2.06+7.9%
$1.91
Rev
$652M-0.3%
$654M
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$1.22+9.9%
$1.11
Rev
$456M-11.1%
$513M
Q3 2025
Jul 30, 2025
Metric
Actual
Est
EPS
$1.64+9.3%
$1.50
Rev
$532M-1.5%
$540M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$2.71vs $2.85-4.9%
$858Mvs $857M+0.2%
Q1 2026Jan 28, 2026
$2.06vs $1.91+7.9%
$652Mvs $654M-0.3%
Q4 2025Nov 5, 2025
$1.22vs $1.11+9.9%
$456Mvs $513M-11.1%
Q3 2025Jul 30, 2025
$1.64vs $1.50+9.3%
$532Mvs $540M-1.5%
Based on last 12 quarters of dataView full earnings history →

Latest NFG News

Recent stock market news and headlines for National Fuel Gas Company (NFG)

Newsfile Corp·Jun 29, 2026
New Found Gold Receives Conditional Approval to Graduate to the Toronto Stock Exchange

Vancouver, British Columbia--(Newsfile Corp. - June 29, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce that it has received conditional approval to list its common shares on the Toronto Stock Exchange (the "TSX") and graduate from the TSX Venture Exchange (the "TSXV"). Final approval of the listing is subject to the Company fulfilling all of the requirements of the TSX, including receipt of all required documentation on or before September 14, 2026.

GuruFocus·Jun 22, 2026
Seneca Resources and Evolution Well Services Announce 3-Year Strategic Agreement to Deliver Sustainable Energy Solutions in Appalachia

Seneca Resources Company, LLC (Seneca), the exploration and production segment of National Fuel Gas Company (NYSE: NFG), and Evolution Well Services (Evolution)

Business Wire·Jun 22, 2026
Seneca Resources and Evolution Well Services Announce 3-Year Strategic Agreement to Deliver Sustainable Energy Solutions in Appalachia

HOUSTON & THE WOODLANDS, Texas--(BUSINESS WIRE)-- #efrac--Seneca Resources Company, LLC (Seneca), the exploration and production segment of National Fuel Gas Company (NYSE: NFG), and Evolution Well Services (Evolution) today announced a strategic alignment to deploy advanced electric fracturing technology across Seneca's Appalachian basin footprint.The partnership reflects strong alignment between two organizations committed to the responsible and transparent development of natural gas. By combining Evol.

Seeking Alpha·Jun 18, 2026
Dividend Announcements: June 6-12, 2026

In this article series, I summarize dividend announcements of the past week. Seven stocks in my database announced dividend increases, with CASY leading at 14.04% and O posting a token. CASY and CAT are high-quality, premium compounders but trade 24% and 21% above fair value, respectively, limiting near-term value. NFG stands out for value, trading 5% below fair value with a balanced 2.86% yield and consistent dividend growth.

Zacks Investment Research·Jun 17, 2026
3 Stocks That Declared Dividend Hikes Recently Amid Geopolitical Tensions

TGT, NFG and CAT recently raised dividends as investors navigate inflation, rate-hike concerns and ongoing market uncertainty.

Peers Comparison

Key metrics vs top competitors for National Fuel Gas Company (NFG)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
NFG logoNFGNational Fuel Gas CompanyCurrent
$78.23$7.43B13.7717.11%22.77%17.45%2.64%
NJR logoNJRNew Jersey Resources Corporation
$56.26$5.68B16.8913.94%15.45%18.74%—
SR logoSRSpire Inc.
$78.46$4.64B17.95-4.5%14.12%10.44%—
SWX logoSWXSouthwest Gas Holdings, Inc.
$88.51$6.41B14.56-62.05%18.55%11.53%—
NWN logoNWNNorthwest Natural Holding Company
$48.65$2.05B17.5611.83%9.56%8.27%—
ATO logoATOAtmos Energy Corporation
$173.83$29.02B23.3012.91%27.58%7.69%—

Compare NFG vs Peers

National Fuel Gas Company (NFG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NJR

Most directly comparable listed peer for NFG.

Scale Benchmark

vs NEE

Larger-name benchmark to compare NFG against a more recognizable public peer.

Peer Set

Compare Top 5

vs NJR, SR, SWX, NWN

NFG SEC Filings & Documents

National Fuel Gas Company (NFG) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 30, 2026·SEC

Material company update

Apr 29, 2026·SEC

Material company update

Mar 27, 2026·SEC

10-K Annual Reports

2
FY 2025

Nov 21, 2025·SEC

FY 2024

Nov 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 30, 2026·SEC

FY 2026

Jan 29, 2026·SEC

FY 2025

Jul 31, 2025·SEC

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NFG Frequently Asked Questions

National Fuel Gas Company (NFG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is National Fuel Gas Company's revenue?

National Fuel Gas Company (NFG) reported $2.50B in revenue for fiscal year 2025. This represents a 107% increase from $1.21B in 1996.

How fast is National Fuel Gas Company growing?

National Fuel Gas Company (NFG) grew revenue by 17.1% over the past year. This is strong growth.

Is NFG profitable?

Yes, National Fuel Gas Company (NFG) is profitable, generating $686.5M in net income for fiscal year 2025 (22.8% net margin).

Dividend & Returns
Does NFG pay dividends?

Yes, National Fuel Gas Company (NFG) pays a dividend with a yield of 2.64%. This makes it attractive for income-focused investors.

What is NFG's return on equity?

National Fuel Gas Company (NFG) has a return on equity (ROE) of 17.4%. This is reasonable for most industries.

What is National Fuel Gas Company's free cash flow?

National Fuel Gas Company (NFG) generated $306.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in NFG back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →